JP Morgan downgraded International Business Machines (NYSE: IBM) from Overweight to Neutral and lowered the price target from $215.00 to $197.00.

JP Morgan said, "With IBM, we are concerned that investors could become less interested in the stock, given the company's limited upside potential and muted revenue growth profile at a time when broader tech end markets could be bottoming. A potential bottoming could set the stage for nimbler, higher growth companies to find firmer footing after a tenuous nine months. In contrast, relative safe havens such as IBM and EMC could lose some glow. Also, our research indicates that IBM's software and mainframe businesses may not exhibit the typical 4Q lift or new product cycle thrust as has been the case historically."